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Home My WebLink AboutRESO 2692f ' I . ' I • ,' ' •/ )f I ~:·· ! i '' ,. t ~· ~: ••l IJllSHll 'lllrl 111Mtm , •*l'!"t&t~M ·- WDBIAI, the State :llllployees•'rte'tirnen~ !'Aw· pera1ts tbe part1oipat1on ot public i.genoid 1n the. !ta·te illplo,eea• Batire- Mnt Syate-..by the eacut~on Of I OMtNct ading their empl019ee 11111mben ot·aaid s11teta) and eeta torth tho procedure by which 1a1d public apncau may ole.ot to aub,jeot thebel..es and their employees to aa.ndllenta to said 1aw1 p~o~iding tor a gaarante4t4 percentage or t1na1·compeneat1on tor ea.ch·year et service aa . .,Meaber•, and prov1- ' ' 41ng for· the portion ot: ooapenaat1on to be 1noluded in coasputat1ons un4er aa1d l&WJ and WKIJUIAS, one atep in aaid procedure i• t'he adoption b7 the l9gi1lat1 ve body or the publio ..-ncy ot a reaolut1on g1 v1ng not1.oe ot itaintention to appro•e an amnd.Mnt to a oontraot between eaid governing board and the Board· ot Adminittra'tion ot 1a1d Reti:remant Sy1:tem, providing· for said part1o1pat1on, ·which said resolution shall contain a au.ary ot the llla.Jor p:itov1a1ona ···ot th• proposed Retirement Syatt•J and WHERBAS, ,the following is a awnmary of the ma.Jor prov1s1ons of the propo1ed Ret1,rement System: l. The· Sy-stem 1e administered by a board ot eight members,, oompoaed or three mem'be~e ot the System, an ott101a1 or a bank,, an ott101a1 or a life 1n1urs.noe company, the I>ireotor ot J'inance, a member ot the State Personnel BO&rd', ·and an otr101a1 ot the Univer ... a1ty of Calitorn:1,a~ 2 .. · Ret1Ninnt for aarv1oe 18 optional upon attainment or age t1tty-r1ve by local fi%'$Mn and local policemen,, and age sixty or age r1!'t,y-t1ve ·•t 'the eleo,1on or the Publ1o Agency,, by o.ther ~loyeea,. and oompl.etion or. twenty yeare ot service for the Public Agency,, and , 1z oompul1oey a.t age 1·1zty•t1 ve tor local firemen and looal polioemen.,· and at age eeventy tor other e11ployeea. ·,' :-~--- r. ,,/ ," ·('""\ ( ' ' .... / ··' (,) . '. '.'J.{,\: • }'·,~ .• ~ :·~ .. .' '. ''l •. • . ~. !..; ·\·~·~. . 3 .. 'l'he aontblJ retiNMnt allonnoe paJable upon.retire•nt ' ... ' ' ' ' ·?" .... : • '. :.. • ', : 't< ~' :~:~ ' ' ·,'· '' l.-' • • • ', , • : ' tor 1ervio• 1• deptmdent upon 1uch taoto:ra aa age• Hx, ealaey and "·'" .... ;• . " "' ". . ' . 'I . . ·'.'. ' .. . .. . .. yeara or 1orYioe. !'Or looal firemen and loaal pol1oemen, retiring at age fifty-five in paragraph 2, or at a higher age with twenty years or ner·111ce, the monthly allowance" 1• approxiaately one-halt the a't~rage monthly ealary durins. the ·r1ve yeara 1-d1ately pre- o~di·~ retirement, unless the: ~blic Ago~cy electa to provide prior eervioe benef..ite at lees· tha.nithe full am.ount. Por other Agonoy employee•, the monthly ~liowance, upon retirement at age aixty-t1ve . '·' ' ' ·' .1t the Agency electa a1xty as the loweat optional serv1C1e retirement age, is approximately one-~eventieth (l/{Oth) Qt the average monthly salary during the tive years immediately preceding retirement tor \ ~ each year ot service atter the etrect1ve date or part1c1pat1on, plus 8.pproximate'iy one-seventieth (l/70th)' or leas~ ae may be provided in oa1d contract by the Public Agency torite employees, ot •r1nal compenaat1on" or or the average monthl.y salary dur1ng the tb:Ne years 1aediately preceding the erreot1 ve dat.e ot' part1c1pation tor each year ot s•rvice prior to that date. Upon ret1J"9ment at age sixty, 1t the agenoy electa t1rty;;.f'1ve as the lowest optional service retirement age, the traction 1s a~prox1.mately ~n.~aixtieth (l/60th) inst~ad or one-aevent1eth (l/70th). 4. A minimum service retirement allowance of $40 per month 1& guaranteed upon retirement at age seventy w1th credit :tor service rer,dered.prior to oa1d.effeot1ve date u· the Public Agency elects ar,e aixty aa the lowest optional service retirementage, or a mini- mum allowance Ot .f60 Per month upon reti~ment at age BiXty .. f'1Ye Or over with twenty year•' ot aerwice, 02' upon retirement at age seventy 1 . ~ ~ '.•''', with credit tor prior aervioe, .1:r the Public Agency eleota age r1rty- ,.· .. , ', .. .'" :C'ive as the loweat opt1o:nal eerv1ce retirement age .. 5.. :n..t'1reme~t· tor d111ab1i1ty. .-~~~t, 1n th• oaae ot local t1remen I.mi '100&1 policeme~ 41'sabled troa 1n3uey' ar1a1ng ~~t ot and , 1 • ; ',I , , .. ,.t : ': " ', ; , .~ , ,," , ' / in. the. oourae or emplo1J119nt, is pel'llitted only atter ten years ot service $1.tdupon proor ot incapao1t1 tor tbe perto:naanoe or duty. ,_ ..;-... ·.-:- -1- , I .. ... • ' > ' .. i ·~~~~--;-~~-··-~~~--f-·---.. ,~,~~~~~-·~·-·~~--~·-.~~~ .. ~ : ' f·.11 "' ' 1•• II II JI Ff I ;:JAW'f,.,t f (l I ' t ' • i i i ' . .. , .. (I ( ' '•• ,•' 'L ••. __ ... ws•l•-••••111f r I IHI. •U 11 IUD ·' ~ (,) 6. . TM •ntblJ Rtu..nt all.w-.o~ .. PQab:\e· .aton d1Nbil1tJ "·~iNMllt, de•oi1'94 "11.\. pmffdiQI. i:Ma. J. 1• do~nt upon lh.lob tacton aa •·•· aal&l"l • JGU'D: ct M»t1•• ·•• •nerallJ 1• equal to n.taet1 per .oe.nt ot QDO~Mv•11\l.ei;h• or.·••·•i.&'1•'11• •• '5be .... aa1 be, ot tba avence ·Mniibly ealaJiy.4qr1zag tbe tiM 1flaft a. .. d1&titl1 Pl¥).o~uUng r.it\1x...nt tor ea~•· _,._. Of aerY1oe, •1 ~h a. ' '. auaral\tee o! t_wenty•t1t• par MDi-ot ••14 ••1•:'71 aubJeot ~HI'-'. tain . reatr1o.i.10NJ end lt0411'1oat1QriM.. · .7. D1HbU1 t;y ret1N•nt of looal tiMMn and looal pol1HMn 1n tbe • ••nt ot d1aal,til1 t.J •J1e·1na; . ou.t ot and. 1n the couztae ot ~mplo,.nt is pe%'1Di 'te4, repl'Ci.l&ea of age and "rvice, the monthly reti~nt allowance be1ng one•halt the •v•raae aonthly aalary during the tive yeava 1m.diatelJ preoecUng retiftMGt. 8. ~ benot1t payable at death .'betON ret1reunt,, exoept in the oaee o:f looal t1re•n .and.local pol1oeun dy1ng trom 1nJury arising out ot and in tlle ,oou~1H1 ot f.naployawa.t,, oonais.ta ot the con- tributione of the .118mber plua 1ntereat and plus one-tweltth ot the member 1a annua:. salary:dur:lng the year 1-diately preoecl.1.ng death tor eaob Yfl.&r, no; exceeding 11X 1ear1,, ot nervioe as a member or the S;vetem. Upon death at'ter retirement,, and at the election ot tbe Publio Agency, a benefit ot t~11 payable. 9. The aonthly allowance payable to the widow and children at the de~th of local tiremen and looal polioemen arising out or •nd in the aouree ot employment is one-halt the average monthly aalary during the five ~:ars ume41ately pzreoec11ng death. lO. The benefit upon ~parat1on tl"Olll service by other cauae than death or retirement 1s the refund or tbe aember 1 is aontribu- tiona.,, with 1ntenu:t. Member• having accuaulatf!d oontributiona or at least .$500 upon re1111gnat1on or d1aoharge may elect 1rrevooably within ninety da1a to leave contributions in the Retirement Fund and tben, upon reaching. tho low.at op;1,onal •nice rt11'ire•nt age qr; beoomlr.g d1aa~l•d• to .bti entitled to reoei'e •uob J!l'8t1reme11t -. • " <> 'tr ;l,Y ... , ..... ~ ... 1i-"; CJ c ,. ,.- • "J.'4' ~ I ~ [ a ~: ~ ~ ~· $ l ~ .. l \\ ~ ~ , . .. r t. t > ~: f ( ~,-:i r. r :!• " ,, f ' ~: ~~' f' t • l ~ t .. . ~ ~ ·' t· ~ i J t i i ! i I -~i .. ' ---~~-.,.._,,,, ...... ,_H' ·~'t"''.'.:'~~~~'4'F"'fll\'~'"'%;'f':%l'!".*11'h'ii, •• tt'¥i'ib!fl'il*i'VF HfQA14 .. b\f\M' l,f4'4'.ll§K£WH11$.XQj. .. · .... ·· •• · ..•.. ·· :·:.···: .. ·'/'··1 ··~ ·.:· .. ··:::··./·/i'.::-':1.~--·::·~':i-•;?~~:~r·~::·• .. ··r· ·I ·--A .... ~.,,,~••r -·-..... -..... --.. --··-· ... -·---··------.. * m 1 n rr nm W\I T m:<ill · · ~,1llowanoe as will· be providAd by tbe'ir and tbe Ageno1·t~ ocntJ-1bu- t1ona and their ONdit M:VY1oe; ngarcu..a1 ot Mrvice ~n4eN4. ll.. OOntr1but1ona nqu1red or. local tiru..tn And l~oal police- _.n, without oredit for prior ••rv1ce, depen4 upon ealar1 and upon age ot entry into the RttU..aent sratem,, tbe oontr1but1ons per one huncll'ed. dollars. or ealaey .ra1111ag .rroa fT .63, at ent~· age twenty- one, to $114-•. 35,, at entry age thirty•ti'le. aont~1but101na ot 1"1Nmen and po.lioe•n· having ew4~t :tor priol' aerv1oe clepend Ci!n ••la:ry, entry age: and amount o.r prior serv1oe, the amount ot c1ontr1but1oms per one hundl'ed. dollara be1aa t16 .. 33# tor exupl•• at 1entry age t1tty-tour, with nineteen years or prior service. 12. ll'or otller Agency employees, the contributions depend upon salary, sex and age or entry into the Retirement Syate~m, the contr1- but1ons per one hundred dolle,rs or salary vary'.f.ng from $4.62, at age twenty, to $7 .99, at age sixty-four, for men, and f'r:>n1 $5.36, at age twenty., to $9.45, at age sixty-four, for women, all ba&49d on the Publio .Agency's election or age aixty aa the lowest optional service retirement age. If the Public Agency eleote age flft~·-five as the lowest optional service retirement age,. the contr1but:1'.ons per one hundNd dollars ot salary vary trom $7.36., at age twenty, to $10.88, at age fifty-nine, tor men, and from $8.35, at age twenty, to $12.81, at age titty-nine, tor women • 13. The Agency is required to contribute the bal21nce of tundo neoeaaary to seet the cost ot the bene1'1ts provided urnier the fietjre- ment Syetem for the Agency employees. The .Agen.oy also ie required to pau 1ta proportionate share of the admirdstrat1•1e costs of the System. 1'4·. Ability or the Ret1rement System to pay benefits 1s safe- guarded by a provision authorizing the Board o! Adm1n1etration to revise contributions of both employees and the Agency in the light or exper1enoe under the System. BE IT RSSOLVED that the City Council ot the City ot Palo Alto g1ve., and 1t hereby gives notice or intention to approve an amendment • 42 ,. ~: !. ~· / ·" . ------~---~--'--- 1· < •• (._;i( J' to the contract between aaid City Council and the Board. ot Ada1n11- trat1on or the State Bmployeae' Retirement Syatem, providing tor the part101pat1on or aa1d City ot P•lo Alto in aaid Bat1rement System, a copy of aaid amendment being attached hereto.. marked Exhibit "A" and by re1'erenoe made a. part hereof. The above and roregoin.g resolution waa duly and regularly intro- duced and pasoed at a regular meeting ot tbe Council of the City or ' · Palo Alto beld on _,!!!•!'!l-' ·the _27t11 'day ot December , 19~ by the tollowing vote: NOES: ATTBSTi Biahop, Byxb&e, Co·rcora.n, Creaap, cu..:~a, Davis, Dryad.ale, 01rr1n., Mitchell,, Na.v.11.1, Porter., Rodgr,ra, Simpson. None. Ma.rohall, Ruppenthal. CITY COUNCIL CITY OF PALO ALTO i/ .·-· APPROV&D AS TO FORM: -5- I l i ! I I l I )